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Sea Forest, company on a mission to "abate climate change using science to significantly reduce livestock emissions", has made a strong impression since listing on the ASX in November.
- Eco-tech company Sea Forest listed on the ASX in late November
- Its livestock feed supplement SeaFeed aims at reducing methane emissions
- Company has a range of offerings in manufacturing, farming, and licensing
- Share price has enjoyed strong positive momentum since debut in November
By Ed Kennedy
Sea Forest ((SEA)) listed on the ASX in late November, and made a strong start.
The business seeks to increase sustainability and productivity in the agricultural sector. Via the provision of its SeaFeed supplement, it aspires to reduce livestock emission and increase agricultural productivity.
Alongside the compelling mission of Sea Forest, its approach to operations in the lead-up to the ASX listing has evidenced it’s an intriguing company.
The Sea Forest Story
Sea Forest states its mission is “To abate climate change using science to significantly reduce livestock emissions”.
The finer details of its ambition are “…to establish itself as a market leader through the formulation of sustainably produced, high-quality climate change abating products by using the most efficient and effective production facilities and technologies”.
The Problem Waiting for a Product
The contribution of some particular activities to emissions is common knowledge. With others, less so.
It’s widely recognised fossil fuel production is a key contributor, and as per the CSIRO, it accounts for around 90% of the world’s carbon emissions.
Less often appreciated is the impact of other active contributors, such as fashion, with ‘fast fashion’ in particular being a key hurdle in the world’s quest to go green.
According to the United Nations, the fashion industry is responsible for 8-10% of the world’s emissions.
According to the European Commission, each year in Europe alone 5 million tonnes of clothing –about 12 kgs per European– is dumped.
Although it is known that agriculture contributes to global emissions, the finer details do not generate the same level of attention or intensity of debate as those surrounding the fossil fuel sector.
As a quick snapshot, in Australia specifically, the Climate Council contends that agriculture is responsible for around 18% of our total climate pollution.
According to the Department of Agriculture, Fisheries and Forestry, 12% of global emissions are caused by agriculture and land use related to it.
Sea Forest’s SeaFeed: Productivity Up, Methane Emissions Down
Sea Forest’s flagship product SeaFeed is “scientifically formulated to replicate the beneficial properties of the red seaweed Asparagopsis”.
Via utilising it as a feed supplement for livestock, a significant reduction of methane emissions can occur.
As Sea Forest’s website details, a Journal of Cleaner Production edition (Volume 259, June 2020) found animals whose diet is supplemented with SeaFeed can achieve methane reductions up to -80%.
In addition to emissions reductions, feeding a product to livestock that has Asparagopsis –or in regards to SeaFeed, replicates the benefits of Asparagopsis– can improve operations in another way.
As the CSIRO has stated, “When just a handful of the Asparagopsis seaweed is fed to cattle, it not only drastically reduces the greenhouse gas contribution from agriculture but there is also a strong indication it increases livestock productivity”.
This is owed to the improved numbers around methane conversion
As Sea Forest has said, “Metabolic conversion of methane represents up to 15% of feed energy”, and that in turn, “Abating the methane may result in the accelerated growth of livestock, less feed and resource wastage meaning more food with less impact”.
In a nutshell, SeaFeed can deliver less emissions, and faster growth that can lead to larger livestock.
The product’s revenue is acquired based upon the amount of livestock a SeaFeed customer has using the supplement, and the duration of time that said livestock are using it.
Where the Water Flows From
Founded in 2018 (and incorporated as a company in 2019), the first five years of Sea Forest’s operations saw it pursuing the research and development of SeaFeed and making acquisitions of both research and production infrastructure.
Customer trials were underway in 2023, and commercial feed lot supply agreements were established in 2025.
Initially, Sea Forest began with the harvesting of sea weed off Tasmania’s coast in 2018.
In 2025 the transition to offering a product that is manufactured –while replicating the benefits of Asparagopsis– took place.
During the passage of time and due to this transition, the avenue has opened for Sea Forest to prioritise manufacturing over harvesting.
Sea Forest Personnel
Sea Forest was established by its CEO Sam Elston, and fellow co-founder Stephen Turner, now serving as an executive director for the company.
Elston’s biography describes him as a “passionate environmentalist”, and he shall lead Sea Forest into its new chapter as an ASX-listed business with over 15 years experience in sustainability.
Turner has previously been a non-executive director for zircon producer lluka Resources, a founding director of South American Ferro Metals, and also a co-founder of International Ferro Metals, serving as its CEO for seven years.
Elston and Turner are joined at Sea Forest by John McKillop, the company’s non-executive chair.
McKillop has been CEO of Hancock Agriculture and S. Kidman & Co, held board positions with Compass Agribusiness and Dairy Australia, Dairy Farmers Milk Cooperative, and Meat & Livestock Australia, and is presently Chair of the Red Meat Advisory Council, among others.
The Numbers Prior To Listing
$20.5 million was cited as the total proceeds to be raised under its IPO.
10.3 million new shares were to be issued, existing shares by existing shareholders amounted to 45.8 million, bringing the total number of shareholders at completion to 56.1 million.
$112.1 million was cited as the market cap upon completion of the IPO. By around January 20th, the market capitalisation has grown to circa $178m.
Sea Forest cited the sum of $80.7 million as the enterprise value upon completion of the IPO.
It also cited its pro forma historical net cash as at 30 June 2025 as $31.4 million.
Capital from the offer is set to go towards growing its domestic distribution capabilities, as well as contributing to its international operations.
Making Waves on the ASX
Listing on 26 November, Sea Forest had a strong debut. Having completed its IPO at $2 per share, before the first day was done on the ASX its shares had climbed towards $2.59.
Since then it has climbed further, with the first three weeks of January seeing it climbing beyond $3.
Sea Forest has indicated it identifies three distinct customer groups it’s targeting; primary producers, supply chain integrators, and downstream corporate customers.
A number of announcements Sea Forest made upon the date of its ASX listing have been helpful to making the case to would-be investors of management’s international ambitions.
On 26 November, the company announced a new agreement with Providore Global.
Sea Forest would supply supplement to 12,000 cattle in the west of New South Wales.
As of that date, it brought the total number of cattle being provided supplement by Sea Forest to approximately 118,000.
Sea Forest also announced its entry into the Brazilian and South American markets, by way of partnership with Belterra Agroflorestas.
Notably, with approximately 282 million head of cattle and 22 million head of sheep, Brazil is the world’s largest livestock market.
The company also announced it had entered into a partnership to grant Japanese food business Oisix Ra Daichi Inc. exclusive rights in Japan to both manufacture and distribute Sea Forest’s livestock supplements, as well as gain access to support for seaweed cultivation.
Others in the Ocean
Sea Forest has cited Agolin Ruminant (Alltech), Bovaer (DSM Firmenich), Enterix (Mootral) and Rumin8 (Rumin8) as competitors.
In addition to the aforementioned enterprises, there are operations such as Uluu, in Western Australia, who are also utilising seaweed to increase sustainability.
Uluu is at the customer trials stage with products that seek to offer an alternative to plastic.
Uluu says its products can be used for purposes such as car interiors and consumer electronics, among others.
Uluu is an example of the scope for seaweed to be used to increase sustainability in ways beyond agriculture, and drive new activity in the commercial space.
The Challenges Around Asparagopsis
While the positives found in using Asparagopsis are certainly welcome news, a full picture of it also requires recognition of the challenges around using it.
As Dr Pia Winberg, a marine ecologist and pioneer of Australia’s first commercial seaweed farm noted in a July 2023 article published by abc.net.au, “It [Asparagopsis] can affect the staff members who are handling it. It could even affect the food chain that we’re putting it into,” and that in turn, ”It can knock people out in the lab. It’s like chloroform and people don’t use that except under fume hoods”.
As the article noted, it is bromoforms –the bioactive chemicals within Asparagopsis– that are of critical concern. This is owed to their close relation to chloroform.
Notably, Sea Forest also featured within this piece, with the article stating “Sea Forest says its oil-based medium traps the bromoforms in the product, making it more potent as well as safer”.
While there’s no disputing the benefits Asparagopsis can bring as an end product, whether it is Sea Forest or any other business, it’s necessary to understand too that the ‘a to z’ process from sourcing to sale isn’t without hurdles to clear.
Earning a Name on Land and Sea
Sea Forest enjoys backing from some high-profile names which will be widely recognised across Australia.
Surfing champion Mick Fanning holds an equity stake. So too, Australian author and skin care entrepreneur Zoe Foster Blake, along with her husband, comedian Hamish Blake.
Alongside the notable names joining their investor group, Sea Forest has also partnered with James Cook University, The University of Tasmania, and The University of Waikato.
Notably, Elsom featured on an episode of the ABC’s ‘Australian Story’ in 2023, detailing the Sea Forest mission.
The company also struck a deal with the 4 Pines Brewing Co to launch a ‘Why is there seaweed in my beer?’ drink.
The intention behind the production of this product –that featured “a dash of nori seaweed” within it– was to raise awareness and drive discussion about how seaweed can help drive down methane emissions.
Just as putting a beer out isn’t a common action en route to an ASX listing, when taken together with engagement with other aforementioned parties, it can be said Sea Forest has done well in making the case for its mission and telling its story as a company, and it’s proved enticing to many.
Now to see if it can ride the wave of momentum it’s built into 2026 as a newly listed company.
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